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Fractional work (also known as fractional employment, fractional professionals or fractional executives) refers to a work arrangement where an individual provides specialized skills or management services to multiple organizations on a part-time or project basis. This work model has gained popularity in recent years due to the increasing demand for flexible and cost-effective solutions for businesses to access specific expertise.[1]
Difference between fractional work, part-time and contractor work edit
Part-time employment or a part-time job typically involves working fewer hours than a full-time employee, usually less than 35 hours per week. Part-time employees are usually entitled to receive some of the same benefits as full-time employees, such as holiday pay, sick pay and pro-rata pension scheme. However, they may not receive all the same benefits as full-time employees and may not have the same job security.[2]
Working as a contractor involves working on a short-term basis for a specific project or service, often as an independent contractor or freelancer. Contractors are usually paid on a project basis or hourly rate and are responsible for paying their own taxes and expenses. Contractors typically work on a project basis and have more control over their schedule and work arrangements.
Fractional work[3] is a newer term that refers to working either part-time or full-time, but not in a traditional job with a single employer. Instead, fractional workers work for multiple clients or employers, usually remotely, and may offer specialized expertise. Fractional work can be project-based or ongoing, and may involve a higher level of autonomy and flexibility than traditional part-time employment.
Types of fractional workers edit
Fractional executives are experienced professionals who hold executive roles (CxO), such as CEO, CFO, CMO, CIO, or COO, in multiple organizations simultaneously. They offer strategic guidance and management expertise to companies that may not require or cannot afford a full-time executive.[4] The common factor is that these CxO professionals have held these positions before at other start-up, scale-up or corporate companies before.
Fractional professionals are experts in specific fields, such as finance, marketing, human resources, or information technology, who provide their specialized skills and services to multiple clients. They typically work on a contract or project basis and can be found across various industries.
Fractional freelancers are self-employed individuals (self-employment) who offer their skills and expertise in specific areas on a per-project basis. They usually have a diverse clientele, which may include businesses, non-profit organizations, or even individuals.
Marketplaces and platforms edit
Atlanta-based Fraction, which focuses on US-based fractional software talent, announced that it had made $2M in revenue in early 2023.[5] In 2023 European-focused fractional professional platform 10x began operations.[6][7] Other marketplaces in the fractional professional and executive workspace include $12m funded Continuum and Shiny.[citation needed]
See also edit
References edit
- ^ "What is Fractional Hiring, US Chamber of Commerce". 13 October 2021.
- ^ "The Difference Between Contract, Part-time and Full-time workers, US Chamber of Commerce". 24 August 2021.
- ^ "An Introduction to Fractional Hiring". 22 March 2021.
- ^ "Kluseconomie dringt door tot bestuurskamer".
- ^ "Fraction Rides ChatGPT Wave and Hits $2 Million ARR". Yahoo Finance. 2023-04-21. Retrieved 2023-08-23.
- ^ "Kluseconomie dringt door tot bestuurskamer". 15 May 2023.
- ^ "Vergeet die c-level vacature: huur freelance een topbestuurder in voor je management". 2 June 2023.